Overnight: Russia said on Thursday its currency crisis was over via ForexLive

Russian Finance Minister Anton Siluanov told the upper house of parliament on Thursday that

“The key rate was raised in order to stabilize the situation on the currency market. … That period has already, in our opinion, passed. The rouble is now strengthening”
He added that interest rates would be lowered if the situation remained stable

There is more at Reuters:

Russia said on Thursday its currency crisis was over even though its forex reserves have plunged and annual inflation has climbed above 10 percent, adding to the problems facing the government as it fights its worst economic crisis since 1998.

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He may be right. But lets see what oil does and how that impacts.

I hope Siluanov reads ForexLive – I can offer him some great tips on removing egg from face in the event of being incorrect. Vast experience, I have.

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Oh, and more at the Wall Street Journal also (but gated): Russia Says Ruble Is Stable, but Economic Troubles Remain